The CLP Government is delivering on a key election commitment, announcing its home incentives will open for applications next Tuesday, 1 October.
The program will run for 12 months until 30 September, 2025.
The HomeGrown Territory program includes a HomeGrown Territory Grant of $50,000 for first home buyers to purchase or build a new home, or $10,000 to purchase an established home.
In a first for the Territory, the program also includes a FreshStart New Home Grant of $30,000 for non-first home buyers, who may have already owned a property before, to purchase or build a new home.
There will be no cap on purchase or build price, and all successful applicants must live in their homes for a minimum of 12 months.
Eligibility is for Australian citizens and permanent residents to support population growth.
Chief Minister Lia Finocchiaro said Territorians had been eagerly awaiting the announcement since the CLP won the August 24 election.
"We are excited to announce that from 1 October, people wanting to build a home in the Territory will be able to access the most generous home build scheme in the country," she said.
"HomeGrown Territory will help attract and retain our key workers and families by breaking down financial barriers to entering the housing market.
"This is about encouraging Territorians to put down roots and build a life in the Territory.
"It also signals to the rest of Australia that if you want to build your dream home, come to the Northern Territory."
Treasurer Bill Yan said having a 12-month scheme would provide greater certainty around the application process, removing the fear of home buyers missing out on the grants.
"HomeGrown Territory will get people out of the rental cycle and into home ownership. It will help rebuild the Territory's reputation as a highly competitive place to live, work and raise a family," Mr Yan said.
"These initiatives will stimulate construction and bring much-needed new supply into the market."
Applications will open on Tuesday, 1 October.
The CLP Government has committed $20 million to the scheme and will reallocate more funding if required over the 12-month program.
An amendment to the First Home Owner Grant Act 2000 to implement the new program is expected to be introduced in the October parliamentary sittings which starts on 15 October.
However, to support Territorians wanting to access the scheme, all applications received from 1 October will be honoured retrospective of legislation passing in November this year.
